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    Revenue, cost and profit under competition and monopoly

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    Competition:
    P = 8
    Q= 2

    Monopoly:
    P = 107.4
    Q = 4.2

    Find total revenue, total cost and profit.

    Competition:

    Qd= 1- .5p
    Qs = -2 + p
    TC = 20 + 4Q +Q(2) where (2) means squared.

    Find: TC,TR, P, Q and profit

    Monopoly:

    P = 120 -3Q
    TC = 20 + 10Q + 10Q(2) where (2) means squared

    Find: TC,TR, P, Q and profit

    © BrainMass Inc. brainmass.com October 10, 2019, 7:59 am ad1c9bdddf
    https://brainmass.com/statistics/probability/revenue-cost-profit-under-competition-monopoly-603026

    Solution Preview

    Competition:
    P = 8
    Q= 2
    Monopoly:
    P = 107.4
    Q = 4.2
    find TC TR and Profit

    Answer: TC=8*2=16 and TR=107.4*4.2=451.08. So profit=451.08-16=435.08

    Competition:
    Qd= 1- .5p
    Qs = ...

    Solution Summary

    The solution gives detailed steps on finding the total revenue, total cost and profit under either competition or monopoly.

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